On 1 July 2022, Geoffrey Limited granted 240 options to each of its 160 employees....
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On 1 July 2022, Geoffrey Limited granted 240 options to each of its 160 employees. The options have a fair value of $17 at the grant date, and will vest as follows:
On 30 June 2023, if the companys earnings have increased by more than 16%.
On 30 June 2024 if the companys earnings have increased by more than 14% averaged across the 2-year period.
At 30 June 2023 Geoffreys earnings have increased by 16.3% and 15 employees have left.
The company expects that earnings will continue to increase at a similar rate during the year to 30 June 2024. It expects that a further 4 employees will leave during the year.
The remuneration expense for the year ended 30 June 2023 for Geoffrey is:
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